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Previous: WAVETEK CORP, 10-Q, 1997-08-14 |
Next: BLOCK MORTGAGE FINANCE ASSET BACKED CERTIFICATES SER 1997-2, 8-K, 1997-08-14 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------
FORM 10-Q
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1997
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________
0-22929
--------------------------------
TALBOT BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Maryland 52-2033630
- - - ------------------------ --------------
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
18 East Dover Street, Easton, Maryland 21601
- - - -------------------------------------- ---------------
(Address of Principal Executive Offices) (Zip Code)
(410) 822-1400
--------------------------------------------------
Registrant's Telephone Number, Including Area Code
- - - ------------------------------------------------------------------------------
Former Name, Former Address and Former Fiscal Year, if Changed Since Last
Report.
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceeding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days Yes X. No___.
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:
As of July 31, 1997, registrant had outstanding 1,188,264 shares of common
stock.
<PAGE>
INDEX
Part I
Item 1. Financial Statements Page
Condensed Consolidated Balance Sheets -
June 30, 1997 and 1996 (unaudited) and December 31, 1996 4
Condensed Consolidated Statements of Income -
Three and six months ended June 30, 1997 and 1996 (unaudited) 5
Condensed Consolidated Statements of Changes in Stockholders' Equity -
For the six Month Period ended June 30, 1997 (unaudited) 6
Condensed Consolidated Statements of Cash Flows -
Six months ended June 30, 1997 and 1996 (unaudited) 7
Notes to Condensed Consolidated Financial Statements (unaudited) 8
Item 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations 9-11
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
Part II
Item 6. Exhibits and Reports on Form 8-K 12
<PAGE>
PART I
Item 1. Financial Statements
<TABLE>
<CAPTION>
TALBOT BANCSHARES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, except per share amounts)
June 30, June 30, December 31,
ASSETS: 1997 1996 1996
- - - ------- --------------- --------------- ------------
(unaudited) (unaudited)
<S> <C> <C> <C>
Cash and due from banks $ 5,139 $ 4,823 $ 7,014
Federal funds sold 6,107 12,264 7,573
Investment in debt securities:
Held-to-maturity, at amortized cost (fair value of $29,760,
$29,851, $30,744, respectively) 29,678 30,030 30,608
Available for sale, at fair value 29,627 28,809 32,201
Loans, less allowance for credit losses ($2,583, $2,198,
$2,728, respectively) 172,243 167,961 168,972
Bank premise and equipment 3,103 2,930 3,188
Other real estate owned 124 312 299
Accrued interest receivable on loans and investment securities 2,054 1,932 1,828
Investments in unconsolidated subsidiary 167 177 182
Deferred income tax benefits 705 813 737
Other assets 689 420 582
----------- ----------- -----------
TOTAL ASSETS $249,636 $250,471 $253,184
======== ======== ========
LIABILITIES:
Deposits:
Non-interest bearing demand $ 21,936 $ 19,751 $ 22,141
NOW and Super NOW 43,429 41,137 43,038
Certificates of deposit $100,000 or more 18,336 24,146 28,352
Other time and savings 123,426 122,448 121,571
--------- --------- ---------
Total Deposits 207,127 207,482 215,102
Securities sold under agreements to repurchase 12,347 15,609 9,268
Other liabilities 798 1,036 894
----------- ---------- ----------
TOTAL LIABILITIES 220,272 224,127 225,264
-------- -------- --------
STOCKHOLDERS' EQUITY:
Common Stock, Par Value $.01; authorized 25,000,000 shares;
issued and outstanding:
June 30, 1997 1,188,264
June 30, 1996 1,183,770
December 31, 1996 1,186,242 12 12 12
Surplus 12,491 12,376 12,435
Retained earnings 16,954 14,367 15,616
Net unrealized holding loss on debt securities available for sale (93) (411) (143)
----------- ---------- ----------
TOTAL STOCKHOLDERS' EQUITY 29,364 26,344 27,920
--------- --------- ---------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $249,636 $250,471 $253,184
======== ======== ========
See accompanying notes to Condensed Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TALBOT BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollars in thousands, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans, including fees $ 3,820 $ 3,601 $ 7,664 $ 7,267
U.S. Treasury securities and obligations of other
U.S. Government agencies and corporations 767 740 1,548 1,489
Obligations of States and political subdivisions 76 69 154 127
Federal funds sold 113 124 210 210
-------- -------- -------- --------
Total interest income 4,776 4,534 9,576 9,093
------- ------- ------- -------
INTEREST EXPENSE
Certificates of deposit, $100,000 or more 311 330 666 646
Other deposits 1,648 1,604 3,251 3,209
Other interest 117 158 219 299
------- ------- ------- -------
Total interest expense 2,076 2,092 4,136 4,154
------ ------ ------ ------
NET INTEREST INCOME 2,700 2,442 5,440 4,939
PROVISION FOR CREDIT LOSSES 45 131 150 290
------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION FOR
CREDIT LOSSES 2,655 2,311 5,290 4,649
------- ------- ------- -------
NONINTEREST INCOME
Service charges on deposit accounts 143 124 274 243
Loss on sale of securities 0 (17) 0 (21)
Other noninterest income 21 9 46 39
------ ------- ------ ------
Total noninterest income 164 116 320 261
----- ----- ----- -----
NONINTEREST EXPENSES
Salaries and employee benefits 827 739 1,706 1,514
Expenses of premises and fixed assets 165 158 343 328
Other noninterest expense 477 403 937 790
------- ------- ------- -------
Total noninterest expense 1,469 1,300 2,986 2,632
------ ------ ------ ------
INCOME BEFORE TAXES ON INCOME 1,350 1,127 2,624 2,278
Federal and State income taxes 480 410 930 840
------- ------- ------- -------
NET INCOME $ 870 $ 717 $1,694 $1,438
====== ====== ====== ======
NET INCOME PER COMMON SHARE:
Net Income $ .73 $ .61 $ 1.43 $ 1.22
See accompanying notes to Condensed Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TALBOT BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
(Dollars in thousands)
Net Unrealized
Holding
Gain (Loss) on
Common Retained Debt Securities
Stock Surplus Earnings Available-for-sale
----- ------- -------- ------------------
<S> <C> <C> <C> <C>
Balances, December 31, 1995 $12 $12,331 $13,225 ($374)
Net Income - - 1,438 -
Cash Dividends Paid - - (296) -
Net unrealized holding gain(loss) on
debt securities, available-for-sale - - - (37)
Shares issued - 45 - -
------------- ----------- ------------ ------------
Balances, June 30, 1996 $12 $ 12,376 $ 14,367 ($411)
=========== ======== ============ ============
Balances, December 31, 1996 $12 $12,435 $15,616 ($143)
Net Income - - 1,694 -
Cash Dividends Paid - - (356) -
Net unrealized holding gain(loss) on
debt securities, available-for-sale - - - 50
Shares issued - 56 - -
------------- ----------- ------------ --------------
Balances, June 30, 1997 $12 $12,491 $16,954 ($93)
=========== ======== ======== ==============
See accompanying Notes to Condensed Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TALBOT BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
For the Six Months Ended June 30,
1997 1996
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,694 $ 1,438
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 217 250
Discount accretion on debt securities (52) (34)
Discount accretion on matured debt securities 3 (6)
Lss on sale of securities - 21
Gain on sale of bank equipment (3) -
Provision for credit losses, net 150 290
Net changes in:
Accrued interest receivable (226) (178)
Other assets (32) (47)
Accrued interest payable on deposits (37) (4)
Income taxes payable - 163
Other liabilities (59) 58
------------------- -------------------
Net cash provided by operating activities 1,655 1,951
------------------ -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of securities available for sale 1,003 2,978
Proceeds from maturities and principal payments of securities
available for sale 4,522 6,777
Purchase of securities available for sale (2,978) (8,047)
Proceeds from maturities and principal payments of securities
held to maturity 2,351 4,454
Purchase of securities held to maturity (1,341) (4,267)
Net increase in loans (3,533) (9,783)
Purchase of loans (700) (198)
Proceeds from sale of loans 812 1,772
Purchase of bank premises and equipment (71) (97)
Proceeds from sale of equipment 20 -
Proceeds from sale of other real estate owned 115 -
----------------- -----------------
Net cash provided (used) in investing activities 200 (6,411)
----------------- ----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease)increase in demand, NOW, money market and
savings deposits (756) 7,649
Net (decrease)increase in certificates of deposit (7,219) 4,386
Net increase in securities sold under agreement to repurchase 3,079 2,663
Proceeds from issuance of common stock 56 45
Dividends paid (356) (296)
---------------- ---------------
Net cash (used)provided by financing activities (5,196) 14,447
----------------- --------------
NET (DECREASE)INCREASE IN CASH AND CASH EQUIVALENTS (3,341) 9,987
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 14,587 7,100
--------------- --------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 11,246 $ 17,087
============== =============
</TABLE>
<PAGE>
Talbot Bancshares, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1) Effective May 1, 1997, the common shareholders of The Talbot Bank of
Easton, Maryland (the "Bank") exchanged each one of their common shares of
the Bank for two shares of common stock of Talbot Bancshares, Inc (the
"Holding Company") and at that time the Bank became a wholly-owned
subsidiary of the Holding Company. The only current business of the Holding
Company is the ownership and operation of the Bank. The Holding Company and
the Bank are collectively referred to as the "Company." The formation of
the Holding Company and exchange of shares has been accounted for as a
pooling of interests.
In the opinion of the management of the Company the accompanying condensed
consolidated financial statements contain all adjustments necessary to
present fairly the financial position at June 30, 1997, the results of
operations for the three and six month periods ended June 30, 1997 and
1996, and cash flows for the six month period ended June 30, 1997 and 1996.
The results of operations for the three and six months ended June 30, 1997
are not necessarily indicative of the results to be expected for the full
year.
2) Net Income per common share have been calculated on the basis of the
weighted average number of shares outstanding for each year, as restated to
reflect the two for one stock split effective May 1, 1997 as a result of
the share exchange. Weighted average shares outstanding were 1,187,101 at
June 30, 1997 and 1,182,278 at June 30, 1996.
In February 1997, the Financial Accounting Standards Board issued Statement
No 128, Earnings Per Share, which is required to be adopted December 31,
1997. The adoption of this pronouncement is not expected to have a material
impact.
3) Under the provisions of Statements of Financial Accounting Standards (SFAS)
Nos. 114 and 118, "Accounting by Creditors for Impairment of a Loan" a loan
is considered impaired if it is probable that the Company will not collect
all principal and interest payments according to the loan's contracted
terms. The impairment of a loan is measured at the present value of
expected future cash flows using the loan's effective interest rate, or at
the loan's observable market price or the fair value of the collateral of
the loan is collateral dependent. Interest income on impaired loans is
recognized on a cash basis.
Information with respect to impaired loans and the related valuation
allowance is shown below:
<TABLE>
<CAPTION>
June 30, June 30, December 31,
(Dollars in thousands) 1997 1996 1996
- - - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Impaired loans with valuation allowance $ 476 $ 233 $ 302
Impaired loans with no valuation allowance 603 5,486 1,249
------- ------- -------
Total impaired loans $ 1,079 $ 5,719 $ 1,551
======= ======= =======
Allowance for credit losses applicable to impaired loans $ 118 $ 60 $ 77
Allowance for credit losses applicable to other than impaired loans 2,465 2,138 $ 2,651
------- ------- -------
Total allowance for credit losses $ 2,583 $ 2,198 $ 2,728
======= ======= =======
</TABLE>
Impaired loans do not include groups of smaller balance homogenous loans
such as residential mortgage and consumer installment loans that are
evaluated collectively for impairment. Reserves for probable future credit
losses related to these loans are based upon historical loss ratios and are
included in the allowance for credit losses.
4) In the normal course of business, to meet the financial needs of its
customers, the Bank is a party to financial instruments with off-balance
sheet risk. These financial instruments include commitments to extend
credit and standby letters of credit. At June 30, 1997 total commitments to
extend credit were approximately $24,106,000. Outstanding letters of credit
were approximately $5,356,000 at June 30, 1997.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Overview
Net income for the second quarter of 1997 was $870,000 an increase of 21%
over the $717,000 for the second quarter of 1996. On a per share basis
earnings were $ .73 compared to $ .61 for the same period last year.
Net income for the six months ended June 30, 1997 was $1,694,000 compared
to $1,438,000 for the same period in 1996. This represents a 17.8%
increase. Net income per share was $1.43 and $1.22 for the six months ended
June 30, 1997 and 1996, respectively.
Net Interest Income
Net interest income for the six months ended June 30, 1997 was 10% higher
than the same period last year due to both an increase in the average
earning assets and the yield on those assets. The net interest margin
increased 37 basis points to 4.65% compared to 4.28% one year ago. Growth
in average earning assets was concentrated in loans with an average yield
of 9.03%. Loans comprised 71.5% and 70.9% of total average earning assets
at June 30, 1997 and 1996, respectively.
Non-interest Income
Non-interest income increased 41% and 23% for the quarter and six months
ended June 30, 1997 compared to the same periods in 1996. A significant
factor contributing to these increases was a reduction in the losses from
sales of investment securities and from decreased losses of an
unconsolidated subsidiary of the Bank. Service charges on deposit accounts
increased 15% and 13%, respectively for the quarter and six months ended
June 30, 1997 when compared to the same periods in 1996.
Non-interest expense
Total non-interest expense, excluding the provision for loan losses,
increased 13% for the quarter ended June 30, 1997 from the comparable
period in 1996. For the six month period ended June 30, 1997, the
percentage increase in non-interest expenses was also approximately 13%
when compared to the same period in 1996. Increases in salaries and
employee benefits, furniture and equipment, supplies and various operating
expenses associated with a new branch opened less than one year, were a
major factor contributing to the increases.
Liquidity and Capital Resources
The Bank derives liquidity through increased customer deposits, maturities
in the investment portfolio, loan repayments and income from earning
assets. At June 30, 1997 the Company's liquidity ratio was approximately
23%. There are no known trends or demands, commitments, events or
uncertainties that management is aware of which will materially affect the
Bank's ability to maintain liquidity at satisfactory levels.
Total Stockholders' equity was $29.4 million at June 30, 1997, 11.5% higher
than one year ago.
Bank regulatory agencies have adopted various capital standards for
financial institutions, including risk-based capital standards. The primary
objectives of the risk-based capital framework are to provide a more
consistent system for comparing capital positions of financial institutions
and to take into account the different risks among financial institutions'
assets and off-balance sheet items.
Risk-based capital standards have been supplemented with requirements for a
minimum Tier 1 capital to assets ratio (leverage ratio). In addition,
regulatory agencies consider the published capital levels as minimum levels
and may require a financial institution to maintain capital at higher
levels.
A comparison of the Bank's capital as of June 30, 1997, with the minimum
requirements is presented below.
<TABLE>
<CAPTION>
Minimum
Actual Requirements
------ ------------
<S> <C> <C>
Tier 1 Risk-based Capital 17.36% 4.00%
Total Risk-based Capital 18.61% 8.00%
Leverage Ratio 11.80% 3.00%
</TABLE>
<PAGE>
Provisions for Credit Losses
The Company is required to maintain an adequate allowance for credit
losses, therefore, the Board of Directors and management perform regular
reviews to assure its' adequacy. Significant credit exposures, non-accrual
and impaired loans and other real estate owned are examined to assure the
adequacy of the allowance.
The following table presents a summary of the activity in the Allowance for
Loan Losses.
<TABLE>
<CAPTION>
Three Months Ended June 30, Six Months Ended June 30,
(Dollars in thousands) 1997 1996 1997 1996
- - - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Allowance balance - beginning $ 2,646 $ 2,140 $ 2,728 $ 2,077
Charge-offs:
Commercial and other 50 19 199 160
Real estate 18 67 60 37
Consumer 48 6 54 10
--------- --------- --------- --------
Totals 116 92 313 207
-------- -------- -------- --------
Recoveries:
Commercial 2 2 4 5
Real Estate 1 10 2 10
Consumer 5 7 12 23
--------- --------- --------- --------
Totals 8 19 18 38
--------- -------- --------- --------
Net Charge-offs: 108 73 295 169
Provision for loan losses 45 131 150 290
---------- --------- --------- ---------
Allowance balance-ending $ 2,583 $ 2,198 $ 2,583 $ 2,198
======== ======== ======== ========
Average Loans outstanding during period $172,444 $168,261 $171,507 $166,199
======== ======== ======== ========
Net charge-offs (annualized) as a percentage of
average loans outstanding during period .25% .17% .34% .20%
========= ========= ========= ==========
Allowance for loan losses at period end as a percentage
of average loans 1.58% 1.28% 1.58% 1.30%
======== ======== ======== ========
</TABLE>
<PAGE>
Analysis of Interest Rates and Interest Differentials.
The following table presents the distribution of the average consolidated
balance sheets, interest income/expense and yields earned and rates paid
through the first six months of the year.
<TABLE>
<CAPTION>
1997 1996
---- ----
Average Income* Yield* Average Income* Yield*
(dollars in thousands) Balance Expense Rate Balance Expense Rate
- - - ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Earning Assets
Investment Securities $ 60,491 $ 1,777 5.92% $ 60,335 $ 1,678 5.59%
Loans 171,438 7,677 9.03 166,090 7,284 8.82
Federal Funds Sold 7,774 210 5.37 7,839 210 5.30
-------- -------- ---- --------- ------- ----
Total earning assets $239,703 $9,664 8.13% $234,264 $9,172 7.87%
------ ------
Non-interest earning
Assets $ 9,510 $ 8,982
Total Assets $249,213 $243,246
======== ========
Interest bearing liabilities
Interest bearing deposits $190,178 $ 3,917 4.15% $184,668 $ 3,885 4.20%
Borrowings 10,254 219 4.26 14,074 299 4.20
--------- ------- ---- -------- ----- ----
Total interest bearing liabilities $200,432 $4,136 4.16% $198,742 $4,154 4.20%
------- -------
Non-interest bearing liabilities $20,220 $18,638
Stockholders' equity 28,561 25,866
-------- --------
Total liabilities and Stockholders' equity $249,213 $243,246
======== ========
Net interest spread $ 5,528 3.97% $ 5,018 3.67%
======== =======
Net interest margin 4.65% 4.28%
* Presented on a tax equivalent basis using its statutory federal corporate
income tax rate of 34%.
</TABLE>
<PAGE>
Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Company does not invest materially or substantially in derivative financial
instruments or other market rate sensitive instruments.
PART II
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
a) Exhibits
Exhibit 27 - Financial Data Schedule
b) No Forms 8-K filed.
<PAGE>
Signatures
Under the requirements of the Securities Exchange Act of 1934, the Company has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
TALBOT BANCSHARES, INC.
Date: August 12, 1997 By: /s/ W. Moorhead Vermilye
------------------------
President
Date: August 12, 1997 By: /s/ Susan E. Leaverton
----------------------
Susan E. Leaverton, CPA
Treasurer/Principal Accounting Officer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS AS OF AND FOR THE PERIOD ENDED JUNE 30, 1997, AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0001043056
<NAME> TALBOT BANCSHARES INC
<MULTIPLIER> 1000
<CURRENCY> 0
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 0
<CASH> 5,139
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 6,107
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 29,627
<INVESTMENTS-CARRYING> 29,678
<INVESTMENTS-MARKET> 29,760
<LOANS> 174,826
<ALLOWANCE> 2,583
<TOTAL-ASSETS> 249,636
<DEPOSITS> 207,127
<SHORT-TERM> 12,347
<LIABILITIES-OTHER> 798
<LONG-TERM> 0
0
0
<COMMON> 12
<OTHER-SE> 29,352
<TOTAL-LIABILITIES-AND-EQUITY> 249,636
<INTEREST-LOAN> 7,664
<INTEREST-INVEST> 1,702
<INTEREST-OTHER> 210
<INTEREST-TOTAL> 9,576
<INTEREST-DEPOSIT> 3,917
<INTEREST-EXPENSE> 4,136
<INTEREST-INCOME-NET> 5,440
<LOAN-LOSSES> 150
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,986
<INCOME-PRETAX> 2,624
<INCOME-PRE-EXTRAORDINARY> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,694
<EPS-PRIMARY> 1.43
<EPS-DILUTED> 1.41
<YIELD-ACTUAL> 8.13
<LOANS-NON> 1,028
<LOANS-PAST> 2,196
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 6,907
<ALLOWANCE-OPEN> 2,728
<CHARGE-OFFS> 313
<RECOVERIES> 18
<ALLOWANCE-CLOSE> 2,583
<ALLOWANCE-DOMESTIC> 2,583
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
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